

Core Viewpoint - The overall market experienced a decline, with the Shanghai Composite Index dropping by 1.23% to 3781.61 points, and the liquor sector also faced a downturn, closing down 1.82% at 2248.33 points [1] Industry Summary - The liquor sector saw a decline with 20 stocks falling, including major players such as Kweichow Moutai, which closed at 1441.90 CNY per share, down 0.79%, and Wuliangye, which closed at 121.77 CNY per share, down 0.60% [1] - Other notable declines included Shanxi Fenjiu at 193.45 CNY per share, down 1.30%, Luzhou Laojiao at 132.18 CNY per share, down 1.05%, and Yanghe Brewery at 69.09 CNY per share, down 0.99% [1] Future Trends - According to Huashang Securities, the future development trend of the liquor industry is leaning towards lower alcohol content as the consumer base evolves. The industry is shifting towards "quality enhancement, brand influence, cultural expression, and value creation" [1] - Younger consumers are increasingly favoring personalized, lower-alcohol, and enjoyable drinking experiences, as well as "light social" drinking scenarios [1]